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| Re: CNN: Democrats are trying to swiftboat Romney (959682) | |||
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Re: CNN: Democrats are trying to swiftboat Romney |
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Posted by SelkirkTMO on Mon Jul 16 21:21:28 2012, in response to CNN: Democrats are trying to swiftboat Romney, posted by Chris R16/R2730 on Sat Jul 14 17:28:45 2012. Romney intends to seriously ramp up outsourcing if he gets elected. Article with details is here:http://www.americanprogressaction.org/issues/2012/07/hanlon_outsourcing.html Excerpt: The Washington Post recently reported that some of the companies Mitt Romney’s firm Bain Capital invested in were “pioneers in the practice of shipping work from the United States to overseas call centers and factories.” Even more troubling than his business record is his platform as Republican presidential candidate, which includes a policy that would encourage and further accelerate the outsourcing of American jobs to foreign countries. The former Massachusetts governor would make U.S. corporations’ overseas profits exempt from U.S. taxes. These profits are already treated favorably under the tax code compared to corporate profits that are earned and reported domestically, creating an inefficient bias toward investment offshore. The favorable treatment of profits that are reported offshore also creates rewards for corporations that shift profits (on paper) out of the United States to foreign countries, including tax havens such as Bermuda and the Cayman Islands. Romney’s proposed exemption for foreign profits would exacerbate the worst features of our current tax system. It would: Enhance the tax code’s rewards for moving jobs and investments overseas Provide a gratuitous windfall to some of the very companies that have already shifted jobs and profits overseas Further invite the offshore tax haven abuse that deprives the U.S. Treasury of tens of billions of dollars in revenue every year Romney argues that we must exempt the overseas profits of American companies from U.S. taxes to make them more competitive in a global economy. But the evidence for this claim is lacking, as this issue brief will demonstrate. More fundamentally, Romney confuses the interests of multinational corporations based in the United States with the competitiveness of the U.S. economy overall. His plan would not make the U.S. economy—or U.S. workers—more competitive. Instead, it would reward foreign outsourcing, putting American workers at a disadvantage. One of the many ways that our tax system is broken is that it actually encourages and rewards U.S. corporations to make job-creating investments overseas even if similar investments in the United States—absent tax considerations—would be more profitable. |
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